Interest Only Mortgage ...time running out!!

Mustbeananswer??

I did the deal through a Financial Advisor....I wasn't aware there were any implications......I always assumed they would be cool with the equity that was in the house.??

Thrugelmir

Mustbeananswer?? wrote: »

I did the deal through a Financial Advisor....I wasn't aware there were any implications......I always assumed they would be cool with the equity that was in the house.??

The equity is yours. The debt is the lenders.

Mustbeananswer??

Its cool....ive got 7 years to sell it.....way before then ill have moved in with my girlfriend....no need for any kneejerk reactions??

jamesd

No need for kneejerk reactions, though good to start saving money in case you do need options other than selling.

brit1234

Mustbeananswer?? wrote: »

I did the deal through a Financial Advisor....I wasn't aware there were any implications......I always assumed they would be cool with the equity that was in the house.??

There have been lots of financial/mortgage advisors misleading buyers on interest only mortgages much like what happened with self cert/liar loan mortgages. That's why they have pretty much both been banned. Interest only mortgages are potentially the next big miss selling scandal with PPI like lawyer firms appearing.

Just overpay and plan now, don't wait 7 years to sort this out. Lenders prefer to see a borrower working out a solution and will be more helpful to you.

Good luck

Mustbeananswer??

I'll keep it open then...might be able to get it all back....I didn't really realise one day I'd have to pay it all back??lol